In the installation folder, browse to WIN32\WMS\NT\US\WMS.EXE.
Right-click and click Properties, then on the compatibility tab, set «Run this program in compatibility mode for ..» to Windows XP (Service Pack 2)

Repeat this for WIN32\SETUP.EXE.

Install WIN32\WMS\NT\US\WMS.EXE. Reboot after installation.

Verify that for 32-bit:
C:\WINDOWS\SYSTEM32\MAPI32.DLL
or for 64-bit:
C:\WINDOWS\SysWOW64\MAPI32.DLL
is dated 1996.